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COLUMBIA - The University of Missouri system's new president is moving out of his campus mansion as the school decides whether Providence Point should remain open.

UM's Vice President of finance and administration Nikki Krawitz said that the 12,630-square-foot home needs at least $88,000 in repairs that include electrical wiring, mold abatement, and asbestos removal. Karwitz added that many other repairs will need to be made in the next few years. "The exterior of the house needs to be painted, the siding needs to be replaced, the windows and doors need to be replaced," Karwitz said.

Wolfe, who took office in February, will move out of the house while university administrators determine the 41-year-old home's fate.

Krawitz said, "We don't have enough gift funds or unrestricted funds at this point that are dedicated to this purpose." 

According the Krawitz the department is asking, "How should we use this house going forward and what kind of investment should we make it."

All eight of the university system's previous presidents have lived at the home since it was built. Providence Point will continue to be used for fundraisers and other events.  Currently University of Missouri employees are working to update the landscaping and certain areas of the building.